Author: Caroline Muriuki

The United Nations will invest a total of $106 million in the social and economic projects of Angola until 2021. The outgoing UN resident coordinator in Angola, Paolo Balladelli said the organization intends to invest $53 million per year. He said that Angola needs billions of dollars to solve major problems and the UN will continue to support. He said that funds will help implement academic, government and civil society programmes. Mr Balladelli also added that the UN agencies are promoting various initiatives to support Angolan government in social and economic areas with a focus on projects supporting the fight…

The I&M Bank Foundation and the Kenya Community Development Foundation (KCDF) signed a Ksh 50 million partnership deal for the conservation of the environment. The partnership aims at introducing the culture and practice of environmental awareness and conservation amongst children and youths in 172 learning institutions including primary, secondary and vocational in four sub-counties in Narok and Kilifi counties. The partnership will target water catchment communities and is expected to benefit over 5,000 households in the two counties. “At the Foundation, we have identified the challenges undermining efforts in protecting and restoring natural and sustainable environments in the country. We…

The African Development Bank approved a grant of $27.4 to boost the efforts of the African Union (AU) to mobilize continental response to curb the spread of COVID-19 pandemic. “With this financing package, we are reaffirming our strong commitment to a coordinated African response in the face of COVID-19. Most importantly, we are sending a strong signal that collectively, the continent can address the pandemic in Africa, which is straining health systems and causing unprecedented socio-economic impacts on the continent.” Said Akinwumi Adesina, African Development Bank President after the approval of the funds. About $26.03 million of the grant will…

The African Development Bank approved a grant worth $69 million to support Ghana’s efforts to tackle the COVID-19 pandemic and mitigate its socio-economic impact. The grant is from the African Development Fund (ADF) a concessional arm of the African Development Bank. The grant will provide fiscal budget support to finance the national COVID-19 Emergency Preparedness and Response Plan and Coronavirus Alleviation Program in Ghana. The funds will specifically help upgrade the capacity of healthcare facilities to isolate, diagnose and care for the patient and provide more pharmaceuticals, test kits, equipment and beds. It will also support financial incentives and an…

The African Development Bank (AFDB) approved grants worth $25 million to Somalia to boost its national budget efforts to mitigate the national and regional impacts of the pandemic. The grants comprised of $15.06 million grant from the Regional Operations Envelope and a $10.04 million grant from Pillar 1 of the Bank’s Transition Support Facility which is under the bank’s COVID-19 Response Facility. “It is the first time the Bank is leveraging the Regional Operation Envelope resources for a Budget Support Operation. This approach was pertinent to ensure that Somalia has adequate resources to contain the spread of the disease in…

Export-Import (EXIM) bank United States said it is in the process of providing  $4.7 billion in financing the liquefied natural gas (LNG) project in Mozambique. Exim Bank United States fund is the largest commitment given by any lender towards the priciest hydrocarbon development in Africa. The 13 Million Tonnes Per Annum LNG project will cost $20 billion to develop but Total which is in charge of the project is borrowing $14 billion from 28 financiers. EXIM bank is one of eight Export Credit Agencies financing the project include Japan Bank for International Corporation (JBIC), Nippon Export and Investment Insurance (NEXI),…

The International Monetary Fund (IMF) executive board approved $4.3 billion requests for emergency financial from South Africa to address the challenging health situation and severe economic impact of the COVID-19 shock. The funds are under the Rapid Financing Instrument (RFI) which aims at meeting the urgent balance of payment (BOP) needs stemming from COVID-19 pandemic outbreak, limit regional spillovers and catalyze additional financing from other international financial institutions. The outbreak of the pandemic has led to a sharp economic contraction and significant financing need in South Africa. Over the last decade, economic activity in the country has weakened despite government…

Egypt sees a 3.2 per cent increase in its total exports to the world trade organisations member countries in 2019. The export increased to $29.8  billion in 2019 compared to the $28.9 billion recorded in 2018. The statistics came in the Annual Bulletin of Intraregional Trade Groups 2019 by the Central Agency for Public Mobilization and Statistics (CAPMAS). CAPMAS report covers intraregional trade organisations in which Egypt is a member state. These include the Community of Sahel-Saharan States, COMESA, the United Nations Economic and Social Commission for Western Asia (ESCWA), the Arab Free Trade Area, the Group of 15 and…

The European Union commission is giving €64.7 million in its humanitarian aid for countries in the southern Africa region. The funds are to help support people in need dealing with the coronavirus pandemic, extreme weather conditions such as persistent drought and other crises in the region. “The EU is helping to provide life-saving assistance to impoverished households suffering from crop and livestock losses due to drought. The aid package will also strengthen the preparation and response to the coronavirus pandemic for countries in the region. In parallel, the EU is helping communities better prepare for natural hazards and reduce their…

The International Monetary Fund (IMF) Executive Board approved $7.6 million debt relief for Burundi due over the next three months. The debt relief which is under the Catastrophe Containment and Relief Trust are due from July 21, 2020, to October 13, 2020. The International Monetary Fund will grant an additional debt relief covering the period from October 14, 2020, to April 13, 2022, which will be subject to availability of resources in the CCRT potentially bringing total relief to an equivalent of $24.97 million. The debt relief will help free up resources for the needs of the public sector as…